The Small Business Doer

June, sales-wise, was another steady month. The unique thing about June is that I came into the month with a lot of pre-bookings for video production (dance recital season). Even with all the pre-bookings, the income was relatively steady. That leaves me wondering what will happen come July, as I only have one event pre-booked.

As mentioned in my May update, I need to work on an action plan. I’ve been thinking a whole lot about the action plan and will publish it in a different post.

One thing I was debating a lot in June was whether or not to go forward with a plan to invest some money into camera equipment. I have $250 a month in my budget for equipment rentals, which I have not paid at all in 2010 as I’m using the same equipment as my brother in his video production company. I decided for the immediate purposes of taxes, I would make a purchase come July due to the HST coming into effect in BC from July 1st. This would allow me to get back an extra 7% in taxes. Because I’m a business, I currently get back all GST spent, but not the PST. With the HST, I get back all the taxes.

Conclusion

July will be the start of the second half of the year, and my time to see if i can exceed what I did in the first half. It will also be the time when I seriously start getting into the second gear of my business, which is going beyond sub-contract work for others. There will be more on this in my semi-annual update and action plan.

Profit & Loss Budget vs. Actual – June 2010

Profit & Loss Budget vs. Actual – June 2010

The Next Update

Check out the January to June 2010 business plan update.